Lions Gate Entertainment Earnings: Here’s Why the Stock is Up Now
Lions Gate Entertainment Corp. (NYSE:LGF) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 2.25%.
Lions Gate Entertainment Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.13 in the quarter versus EPS of $-0.33 in the year-earlier quarter.
Revenue: Decreased 26.92% to $344.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Lions Gate Entertainment Corp. reported adjusted EPS income of $0.13 per share. By that measure, the company beat the mean analyst estimate of $0.08. It missed the average revenue estimate of $522.95 million.
Quoting Management: Lionsgate’s filmed entertainment backlog, or already contracted future revenue not yet recorded, was $1.1 billion at June 30, 2013.
“We’re pleased with our first quarter results, with particularly strong contributions from our diversified television slate, packaged and digital media and our robust international performance,” said Lionsgate Chief Executive Officer Jon Feltheimer. “The fact that our quarter compared favorably to a first quarter last year that included most of the domestic release of the first Hunger Games film illustrates the diversity of our business. The appetite for content is growing, domestically and internationally, across multiple platforms and, as a pure content company, we are well positioned to capitalize on this demand.”
Key Stats (on next page)…